Tell us about your business and who your customers are?
We streamline the process to procure cyber insurance for independent agencies and their insurance carrier partners. We engage clients and have developed a software platform to engage their insured clients.
How did you get started?
We built a prototype and started knocking on doors. It was important for us to know customers valued what we could do, and value it enough to pay for it.
What were some of the biggest hurdles you had to overcome? What has been your biggest accomplishment?
There are a lot of insurtech startups helping transform the industry, and cutting through the noise to the decision making entities took relationship building and the willingness to prove ourselves. We’ve taken it slow to make sure clients see results without obligations to win them over. We’ve recently closed some sizable agencies and agreed to an insurance endorsement with a top carrier.
What motivates you each day to do what you do?
The knowledge that anything can happen at any moment and that competitors are always closing in, so real-time innovation is needed every day.
What are the top 3 tips you can share to inspire other fellow entrepreneurs?
First, if you can solve a problem that is costing time or money, and have a unique way to solve it, start talking to people impacted by the problem. Validating Product/Market fit is very important.
Second, study the market and potential competitors carefully. Sometimes those we regard as competition are not that at all. They can be allies, and even customers. Approach your market as an innovator who can help everyone, and don't be overly guarded with your technology. It takes a war chest to defend an intellectual property case, and staying on the edge of innovation is a more valuable use of your time.
Thirdly, many are fearful about embarking on a new entrepreneurial journey. However, the safety and security most fear leaving behind to pursue their dreams is often simply an illusion. So go for it and give it everything!